StockMarketWire.com - Lok'nStore said annual revenues rose 8.7% as the self-storage company expanded its geographical footprint.

At 31 July 2019 self-storage unit occupancy was up 6.0% and price per let sq. ft. was up 0.6% compared to the same date twelve months ago, the company said.

The company opened four new landmark stores in Dover, Cardiff, Exeter and Ipswich, and acquired an existing store in Hedge End, Southampton. 'We are on site in Leicester and Gloucester which will open during FY2020 and have exchanged contracts on two further landmark sites in Stevenage and Warrington,' the company said.

'With our secured pipeline of eight new landmark sites which will add 27% to trading space we are delivering on our objective of growing rapidly by acquiring new sites,' it added.

During the year, the company secured a new £75 five year revolving credit facility which would provide funding for site acquisition and development to support the group's growth plans.

With net debt of £29m at 31 July 2019, the company said it had headroom of around £71m for new landmark stores.

Preliminary results would be announced on Monday 4 November 2019, the company said.




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